In short: BitMax and BitMart shut down within a week and Simon warns Bitfinex may follow, so keep funds on exchanges with real reserves. Even so, he sees Bitcoin holding key 4-hour support, with the highest probability a push back up toward $67,000, then a move toward $69,000.
Why did BitMax and BitMart shutting down matter?
BitMax and BitMart both shut down within a week, and Simon says Bitfinex may be next after insider word of internal financial difficulties. His takeaway is simple: keep your money on exchanges whose teams hold real reserves and can back their clients if trouble hits.
Simon says he keeps most of his own funds on KCX, mainly because he cares about fees at size. He notes it charges zero spot fees and only 0.01% on the futures taker side.
The ParadiseTeam video hub covers his exchange reasoning across recent breakdowns.
Is Bitcoin heading for a crash?
Simon does not think the exchange trouble changes Bitcoin’s path much. On the daily chart he still sees an ABC pattern, with the C wave able to reach $79,000 over time. A bearish daily cross below the moving average is not yet reclaimed, so the setup is unconfirmed.
His focus stays on the 4-hour chart. Price pushed into resistance, printed a shooting star, then a bearish engulfing candle on heavy volume, and rejected lower. It then stopped at a support zone that already held twice, including early July.
What levels is Simon watching on the 4-hour chart?
Simon treats $62,500 as his invalidation for the bullish 4-hour structure. Hold above it and he still expects the next push higher. Lose it and he expects a move toward his buying area around $60,000 to $59,000.
To the upside, his main 4-hour resistance stays $69,000. He explains his level and position sizing approach as part of managing risk before any entry.
What would trigger Simon to take a trade?
For a scalp long, Simon wants confirmation of the bullish divergence he sees forming. The previous low showed momentum near minus 200 points; the newer lower low reads only minus 132. That fading bearish momentum is his early tell.
He also wants a MACD bullish cross, a reclaim of the RSI trend line, and the stochastic RSI turning up from oversold. More confirmations let him size up with better risk and reward.
How does Simon manage the trade once he is in?
Simon frames trading as roughly 80% monitoring and 20% execution. On the VIP long, the team took target one at 2.5% position size into resistance. They then moved the stop to break even before the rejection came.
He favours limit orders over market orders to cut fees and add size in calmer conditions. He also watches positioning on the crypto funding board before acting.
Frequently asked questions
Which exchanges shut down and is Bitfinex at risk?
Simon says BitMax and BitMart both shut down within about a week. He adds that Bitfinex may be next, citing insider word of internal financial difficulties. His advice is to keep funds only on exchanges with solid teams and real reserves that can back clients if problems arise.
Does Simon expect Bitcoin to crash?
Not as his base case. Simon says the exchange trouble does not change Bitcoin’s path much. His highest probability is a push back up toward $67,000, then $69,000. A drop below $62,500 shifts focus to his $60,000 to $59,000 buying area, with a deeper crash least likely.
What is Simon’s invalidation level?
Simon uses $62,500 as his invalidation for the bullish 4-hour market structure. That level sits at the low of the E-wave within the higher degree fourth wave. While price holds above it, he still expects the next impulsive push higher toward $67,000 and then $69,000.
Why does Simon keep his funds on KCX?
Simon says he keeps most of his money on KCX because he trades size and cares about fees. He notes it charges zero spot fees and only 0.01% on the futures taker side. He recommends it to Paradise VIP clients as one exchange he trusts to hold reserves.
When is Simon’s next update?
Simon records three videos each week, on Tuesday, Thursday, and Saturday. This breakdown is the Tuesday video, so his next Bitcoin update lands on Saturday. He says he will report back then on whether the bullish divergence confirms and whether his scalp long setup triggers.
MyCryptoParadise has run a professional crypto signals and trading-education service since 2016, led by founder Simon Mach and the ParadiseTeam. Simon records these sessions three times a week, and every episode lands on the Bitcoin video analysis hub.
Educational content, not financial advice. Crypto trading carries substantial risk; you can lose your capital. Past performance does not guarantee future results.
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